Monday, March 16, 2009

From the NYT

American International Group
Amid rising pressure from Congress and taxpayers, the American International Group on Sunday released the names of dozens of financial institutions that benefited from the Federal Reserve's decision last fall to save the giant insurer from collapse with a huge rescue loan.

Financial companies that received multibillion-dollar payments owed by A.I.G. include Goldman Sachs ($12.9 billion), Merrill Lynch ($6.8 billion), Bank of America ($5.2 billion), Citigroup ($2.3 billion) and Wachovia ($1.5 billion).

Big foreign banks also received large sums from the rescue, including Societe Generale of France and Deutsche Bank of Germany, which each received nearly $12 billion.

A.I.G. also named the 20 largest states, starting with California, that stood to lose billions last fall because A.I.G. was holding money they had raised with bond sales.

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The disclosure came shortly after it was revealed that A.I.G., which has received more than $170 billion in taxpayer bailout money from the Treasury and Federal Reserve, planned to pay about $165 million in bonuses to executives in the same business unit that brought the company to the brink of collapse last year.

News of the bonuses brought nearly universal condemnation from the Obama administration and Republicans alike.

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The secrecy surrounding A.I.G.'s counterparties has been a major reason why the A.I.G. bailout has rubbed so many the wrong way, The New York Times's Gretchen Morgenson wrote in her latest Fair Game column.

Meanwhile, A.I.G.'s infamous financial products unit, the source of much of its woes, has kept a relatively low profile in the Connecticut town where it's based, Reuters' DealZone reports.

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Perks Watch
Which chief executives are getting private jet service or fancy corporate apartments? This proxy season, Michelle Leder of footnoted.org is scouring regulatory filings for mentions of these and other, more unusual company perks.

Some of her discoveries are appearing exclusively on DealBook in a special feature called "Perks Watch," which launched this morning with a look at filings from Liz Claiborne and Ameriprise Financial

Go to Perks Watch from DealBook»

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